DEFSEC Technologies Inc. (DFSC) Balance Sheet

NASDAQ: DFSCAssets, liabilities, debt and equity over 5 years.

DFSC balance sheet, FY2025

September 30, 2025 · Canadian dollars

C$12.9M assets = C$5.1M liabilities + C$7.8M equity

Both columns are drawn to the same scale: what DFSC owns equals what it owes plus shareholders’ equity. Hover a block for its value.

DFSC financial health

Current ratio3.07

Comfortable · current assets cover current liabilities 3.07×

Debt / equity0.17

Low leverage · C$0.17 of debt for each $1 of equity

Equity / assets60.4%

Equity-funded · of assets funded by shareholders

Cash / debt513.0%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles18.5%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

DFSC balance sheet trends, FY2021–FY2025

DEFSEC Technologies Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	C$8.7MFY2021	C$12.9MFY2025	+10.3%/yr
Total liabilities	C$2.6MFY2021	C$5.1MFY2025	+18.5%/yr
Shareholders’ equity	C$6.1MFY2021	C$7.8MFY2025	+6.2%/yr
Cash & short-term investments	C$2.7MFY2021	C$6.7MFY2025	+25.6%/yr
Total debt	C$361,160FY2021	C$1.3MFY2025	+37.8%/yr
Net cash (debt)	C$2.3MFY2021	C$5.4MFY2025	+C$3.1M
Working capital	C$2.9MFY2021	C$6.0MFY2025	+C$3.1M
Current ratio	3.50FY2021	3.07FY2025	−0.43
Debt / equity	0.06FY2021	0.17FY2025	+0.11
Shares outstanding	19KFY2023	610KFY2025	+460.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

DFSC assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

DFSC liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

DFSC debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

DFSC balance sheet in Canadian dollars

DEFSEC Technologies Inc. annual balance sheet
	FY2025	FY2024	FY2023	FY2022	FY2021
Assets
Cash & short-term investments	C$6.7M	C$256,828	C$5.4M	C$170,545	C$2.7M
Cash & equivalents	C$6.7M	C$256,828	C$5.4M	C$170,545	C$2.7M
Receivables	C$1.5M	C$567,875	C$300,269	C$171,882	C$699,251
Inventory	C$519,609	C$533,163	C$542,388	C$393,538	C$90,299
Other current assets	C$245,835	C$484,489	C$592,408	C$780,428	C$578,042
Total current assets	C$8.9M	C$1.8M	C$6.8M	C$1.5M	C$4.1M
Property, plant & equipment (net)	C$1.4M	C$541,836	C$778,332	C$1.0M	C$1.2M
Goodwill & intangible assets	C$2.4M	C$3.2M	C$4.1M	C$4.7M	C$3.5M
Long-term investments	C$0	C$0	C$0	C$0	C$0
Other non-current assets	C$141,108	C$58,125	C$26,076	C$23,604	C$21,367
Total assets	C$12.9M	C$5.6M	C$11.8M	C$7.3M	C$8.7M
Liabilities
Accounts payable	C$409,696	C$881,835	C$367,128	C$2.3M	C$620,041
Short-term debt	C$188,907	C$147,078	C$127,116	C$2.3M	C$32,288
Deferred revenue	C$7,671	C$120,571	C$120,970	C$47,271	—
Total current liabilities	C$2.9M	C$3.0M	C$6.4M	C$6.9M	C$1.2M
Long-term debt	C$0	C$0	C$0	C$78,796	C$53,251
Lease obligations	C$1.3M	C$302,223	C$429,523	C$275,621	C$307,909
Other long-term liabilities	C$2.2M	C$1.3M	C$1.4M	C$1.3M	C$1.4M
Total liabilities	C$5.1M	C$4.2M	C$7.8M	C$8.3M	C$2.6M
Shareholders' equity
Common stock & paid-in capital	C$47.0M	C$37.8M	C$33.4M	C$19.5M	C$17.2M
Retained earnings (deficit)	−C$52.3M	−C$42.7M	−C$35.2M	−C$25.9M	−C$15.4M
Accumulated other comprehensive income	−C$85,077	−C$38,520	−C$39,663	−C$101,418	−C$8,991
Total shareholders' equity	C$7.8M	C$1.4M	C$3.9M	−C$1.0M	C$6.1M
Key figures
Total debt	C$1.3M	C$302,223	C$429,523	C$2.6M	C$361,160
Net cash (debt)	C$5.4M	−C$45,395	C$5.0M	−C$2.4M	C$2.3M
Working capital	C$6.0M	−C$1.1M	C$458,439	−C$5.4M	C$2.9M
Tangible book value	C$5.4M	−C$1.8M	−C$176,730	−C$5.7M	C$2.7M
Shares outstanding	610K	39K	19K	—	—
Current ratio	3.07	0.62	1.07	0.22	3.50
Quick ratio	2.80	0.28	0.89	0.05	2.92
Debt / equity	0.17	0.22	0.11	—	0.06
Equity / assets	60.4%	24.4%	33.5%	−13.7%	70.2%

DEFSEC Technologies Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	C$3.5M	C$3.0M	C$5.0M	C$6.7M	C$2.5M	C$4.4M	C$2.9M	C$256,828	C$1.2M	C$263,734	C$2.5M	C$5.4M
Cash & equivalents	C$3.5M	C$3.0M	C$5.0M	C$6.7M	C$2.5M	C$4.4M	C$2.9M	C$256,828	C$1.2M	C$263,734	C$2.5M	C$5.4M
Short-term investments	C$47,520	C$47,621	—	—	—	—	—	—	—	—	—	—
Receivables	C$2.3M	C$2.0M	C$1.1M	C$1.5M	C$1.1M	C$1.1M	C$1.0M	C$567,875	C$401,600	C$562,240	C$106,173	C$73,741
Inventory	C$587,392	C$515,741	C$587,173	C$519,609	C$508,747	C$581,197	C$529,778	C$533,163	C$618,862	C$612,839	C$483,747	C$542,388
Other current assets	C$314,190	C$519,927	C$768,218	C$245,835	C$392,416	C$379,479	C$184,944	C$484,489	C$470,782	C$731,430	C$1.4M	C$818,936
Total current assets	C$6.7M	C$6.1M	C$7.5M	C$8.9M	C$4.6M	C$6.5M	C$4.6M	C$1.8M	C$2.7M	C$2.2M	C$4.5M	C$6.8M
Property, plant & equipment (net)	C$1.4M	C$1.4M	C$1.4M	C$1.4M	C$2.9M	C$311,661	C$401,931	C$541,836	C$603,124	C$669,881	C$732,114	C$776,167
Goodwill & intangible assets	C$2.1M	C$2.2M	C$2.3M	C$2.4M	C$2.5M	C$2.7M	C$3.0M	C$3.2M	C$3.4M	C$3.6M	C$3.9M	C$4.1M
Long-term investments	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0
Other non-current assets	C$235,436	C$204,803	C$152,787	C$141,108	C$112,403	C$99,306	C$95,810	C$58,125	C$48,620	C$27,407	C$26,733	C$26,076
Total assets	C$10.5M	C$9.8M	C$11.4M	C$12.9M	C$10.1M	C$9.6M	C$8.1M	C$5.6M	C$6.7M	C$6.5M	C$9.1M	C$11.8M
Liabilities
Accounts payable	C$2.7M	C$2.1M	C$1.3M	C$409,696	C$304,650	C$383,123	C$470,864	C$881,835	C$713,817	C$1.2M	C$683,800	C$367,128
Short-term debt	C$68,992	C$17,120	C$109,552	C$188,907	C$415,540	C$140,972	C$164,376	C$147,078	C$147,236	C$140,036	C$133,640	C$127,116
Deferred revenue	C$2,701	C$37,442	C$29,425	C$7,671	C$78,517	C$122,612	C$92,986	C$120,571	C$107,098	C$95,903	—	—
Total current liabilities	C$3.2M	C$2.5M	C$1.8M	C$2.9M	C$2.2M	C$1.6M	C$1.8M	C$3.0M	C$2.3M	C$4.3M	C$4.0M	C$6.4M
Long-term debt	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0
Lease obligations	C$1.3M	C$1.3M	C$1.3M	C$1.3M	C$2.7M	C$179,464	C$268,248	C$302,223	C$342,220	C$368,427	—	—
Other long-term liabilities	C$2.2M	C$2.2M	C$2.3M	C$2.2M	C$3.4M	C$1.2M	C$1.3M	C$1.3M	C$1.3M	C$1.5M	C$1.5M	C$1.4M
Total liabilities	C$5.3M	C$4.7M	C$4.1M	C$5.1M	C$5.5M	C$2.8M	C$3.1M	C$4.2M	C$3.6M	C$5.8M	C$5.5M	C$7.8M
Shareholders' equity
Common stock & paid-in capital	C$48.7M	C$48.0M	C$47.9M	C$47.0M	C$44.2M	C$43.2M	C$42.2M	C$37.8M	C$37.4M	C$34.0M	C$33.4M	C$33.4M
Retained earnings (deficit)	−C$59.0M	−C$56.5M	−C$54.4M	−C$52.3M	−C$49.9M	−C$47.6M	−C$46.1M	−C$42.7M	−C$40.3M	−C$39.2M	−C$35.6M	−C$35.2M
Accumulated other comprehensive income	C$9.1M	C$8.3M	−C$62,232	−C$85,077	−C$55,542	−C$133,415	−C$134,796	−C$38,520	−C$57,444	−C$42,866	C$1.0M	C$1.0M
Total shareholders' equity	C$5.1M	C$5.1M	C$7.3M	C$7.8M	C$4.6M	C$6.8M	C$5.0M	C$1.4M	C$3.1M	C$712,379	C$3.6M	C$3.9M
Key figures
Total debt	C$1.3M	C$1.3M	C$1.3M	C$1.3M	C$2.7M	C$179,464	C$268,248	C$302,223	C$342,220	C$368,427	C$403,975	C$429,523
Net cash (debt)	C$2.2M	C$1.7M	C$3.7M	C$5.4M	−C$197,542	C$4.2M	C$2.6M	−C$45,395	C$836,659	−C$104,693	C$2.1M	C$5.0M
Working capital	C$3.6M	C$3.5M	C$5.8M	C$6.0M	C$2.4M	C$4.9M	C$2.8M	−C$1.1M	C$344,259	−C$2.2M	C$441,277	C$458,439
Tangible book value	C$3.0M	C$2.9M	C$5.0M	C$5.4M	C$2.1M	C$4.1M	C$2.0M	−C$1.8M	−C$273,118	−C$2.9M	−C$251,830	−C$178,895
Shares outstanding	2.0M	2.0M	1.5M	1.2M	625K	237K	144K	75K	42K	28K	27K	30K
Current ratio	2.13	2.40	4.25	3.07	2.13	4.13	2.57	0.62	1.15	0.50	1.11	1.07
Quick ratio	1.85	1.99	3.49	2.80	1.71	3.51	2.18	0.28	0.68	0.19	0.64	0.86
Debt / equity	0.25	0.25	0.18	0.17	0.60	0.03	0.05	0.22	0.11	0.52	0.11	0.11
Equity / assets	48.9%	52.2%	64.0%	60.4%	45.4%	70.7%	62.1%	24.4%	46.7%	10.9%	39.9%	33.5%

Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed September 30, 2025); data from EODHD.

DFSC financial position

At the end of fiscal 2025 (September 30, 2025), DEFSEC Technologies had total assets of C$12.9 million (up 130.0% from a year earlier), total liabilities of C$5.1 million and shareholders' equity of C$7.8 million. It held C$6.7 million in cash and short-term investments against C$1.3 million of debt, a net cash position of C$5.4 million. Its current ratio was 3.07. In the latest quarter (ended June 30, 2026) total assets were C$10.5 million and equity C$5.1 million.

Related: DFSC income statement, DFSC cash flow statement, DFSC key metrics. See the DFSC stock overview for the latest quote and news.

DFSC balance sheet FAQ

What are DEFSEC Technologies's total assets?

DEFSEC Technologies reported total assets of C$12.9 million at the end of fiscal 2025 (September 30, 2025), compared with C$5.6 million a year earlier.

How much debt does DEFSEC Technologies have?

DEFSEC Technologies had C$1.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.17.

How much cash does DEFSEC Technologies have?

DEFSEC Technologies held C$6.7 million in cash and short-term investments at the end of fiscal 2025; with C$1.3 million of debt that is net cash of C$5.4 million.

What is DEFSEC Technologies's book value?

DEFSEC Technologies's shareholders' equity (book value) was C$7.8 million at the end of fiscal 2025.

What is DEFSEC Technologies's current ratio?

DEFSEC Technologies had current assets of C$8.9 million and current liabilities of C$2.9 million, a current ratio of 3.07 (it can cover its short-term obligations).

How much goodwill does DEFSEC Technologies have?

DEFSEC Technologies carried C$2.4 million of goodwill and intangible assets, 18.5% of total assets, at the end of fiscal 2025.